IMF Staff Country Reports

Andorra: Assessment of Financial Sector Supervision and Regulation

Publication Date:

February 16, 2007

Electronic Access:

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Summary:

This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation in Andorra. The assessment reveals that bank supervision in Andorra is broadly sound and has improved since the 2002 assessment. Institut Nacional Andorrà de Finances’ (INAF) new charter strengthened its independence and remedial powers. But these could be further strengthened by empowering it to impose all types of sanctions. Developing INAF’s onsite supervisory capacity and clarifying its requests to external auditors will be important for the bank and nonbank financial sectors.

Series:

Country Report No. 2007/069

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Banking Commercial banks Crime External audit Financial institutions Insurance Insurance companies Public financial management (PFM)